Form 1120-X

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Form 1120-X

A form that one files with the IRS to amend a previously filed Form 1120, which is a corporate tax return.
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Thereafter, he will be required to file a formal Form 1120X with a fully documented statement of supporting facts that allows "the exam team to make a tax determination of the claims without requiring the use of IDRs (Informal Dispute Resolutions)." These changes are interlinked with the prior
In fulfilling her duty to exercise due diligence in the course of preparing a Form 1120X, Amended U.S.
Amended returns (Form 1120X) are not included under corporation income tax returns, but are instead listed under "supplemental documents." In CY 2009, the projected number of corporation returns filed is 7 million.
The Account Transcript should be obtained if a corporation plans to file a carryback claim using Form 1139 or Form 1120X. The entries on the Form 1139 or Form 1120X must match the IRS records for certain items on the carryback claim, including taxable income before the NOL, tax liability per the original return and any IRS or taxpayer adjustments to these items.
Exhibit: Differences between Forms 1120X or 1040X and Forms 1139 or 1045 Form 1120X or Form 1139 or 1040X 1045 Due date for filing Form must be Form must be filed within the filed within the normal rules for end of the loss the statute of year (e.g., limitation on December 31, refund claims 2010, for a 2009 (i.e., the later calendar-year of three years taxpayer).
Because of the computational and other reporting burdens associated with filing a formal Form 1120X, most corporate taxpayers use the device of an "informal claim," which typically consists of a one- or two-paragraph explanation without accompanying tax computation that is submitted by hand to a revenue agent during the course of an audit.
168(k)(4) election on their original return but should file an amended return (Form 1120X, Amended U.S.
The delinquent Form 5471 can be attached to Form 1120X, Amended U.S.
Amended returns (Form 1120X) are not included under corporation income tax returns, but are instead listed under "supplemental documents." In CY 2008, the projected number of corporation returns filed is 6.8 million.
In addition, the IRS is considering a proposal to require the filing of a Form 1120X to claim research credits under the revised regulations.
In 1998, it filed Form 1120X (claim) for the 1997 tax year, claiming the capitalized bankruptcy costs as a "specified liability loss" (SLL), carrying them back to the 1987 tax year under Sec.
The first is whether taxpayers should be required to file a formal claim on an amended return (Form 1120X).